Mar 27 2014
ACE Group today announced the introduction of standalone Passenger Accident Insurance. This coverage provides accidental death and dismemberment and accident medical/dental expense benefits for authorized passengers who are injured while traveling with a driver who is working under the operating authority of the motor carrier. This expanded capability complements ACE's existing product portfolio, which is designed to meet the unique needs of the transportation industry through customized insurance solutions.
ACE's transportation product solutions provide customized offerings to help protect independent contractors and transportation carriers who are not required by law to carry workers compensation coverage. ACE recognizes that the exposures faced by the transportation industry continue to evolve, resulting in the need for companies to streamline their insurance and risk management practices.
"Since incorporating Occupational Accident insurance into our product offering in 2001, and optional Contingent Liability coverage in 2012, ACE has developed extensive expertise underwriting specialized insurance products for independent contractors in the transportation industry. The new Passenger Accident product offering complements ACE's existing product portfolio by providing needed protection for drivers, owner-operators, and motor carriers who allow non-employee passengers to travel in their trucks while on duty," said Joe Vasquez, Division President, Accident & Health, ACE USA.
"Whether you're an independent owner-operator or a motor carrier with hundreds of units, you have to be concerned about who will cover the medical expenses if a non-employee passenger is injured in an accident," said Carl Hochstein, Assistant Vice President, Accident & Health, ACE USA. "ACE's Passenger Accident coverage pays accident medical expenses for authorized passengers involved in an accident, and helps to provide financial security in the event of serious injury or death."
Key highlights of ACE's coordinated insurance solutions for the transportation industry include:
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High quality occupational accident coverage for independent drivers under contract with a transportation carrier who is not required by law to carry workers compensation insurance
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Optional contingency liability coverage to protect the carrier from claims made by uninsured drivers against its workers compensation policy
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Passenger Accident insurance for transportation carriers and independent contract drivers, designed to provide accident medical and accidental death and dismemberment coverage to commercial truck passengers
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Superior client service and administrative support, including online enrollment and claims capabilities
Key advantages of ACE's transportation product offering include:
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Account coordination with one underwriter maintaining authority for all transportation coverage on individual submissions
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Backed by ACE's financial stability (rated AA- by Standard & Poor's and A+ by A.M. Best)
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Underwriters specialized in a wide range of accident and health products designed especially for corporate and special risk markets